First Security Bank MD sent on forced leave for 3 months

Syed Waseque Md Ali, the Managing Director (MD) of First Security Islami Bank, has been sent on forced leave for three months due to allegations of negligence of duty.

The current board of directors of the bank approved his leave during the 283rd board meeting on Saturday evening (January 4). In his absence, the bank’s Additional Managing Director, Abu Reza Mohammad Yahia, will assume the role of Acting MD until a new MD is appointed.

Authorities found that Syed Waseque neglected his responsibilities in the loan disbursement process for the Chattogram-based S Alam Group. His leave will take effect from Sunday and will last until April 4.

According to an official order signed by the bank's Senior Executive Vice President and Head of Human Resources, Mohammad Kawser Ul Alam, this decision has been confirmed.

Sources within the bank stated that a special audit committee was formed to investigate allegations of financial misconduct involving the S. Alam Group. Negligence of duty was found against the MD and several other officials, which led to the decision to send Syed Waseque on forced leave for a thorough investigation.